"Any changes to our incentives system would equally affect EU-based and foreign-based companies which bring medicines to the EU and, therefore, it would not put EU firms at a disadvantage," an EU Commission spokesperson said.
Medication was the single biggest contributor to the EU’s trade surplus, with 235 billion euro ($252.13 billion) worth of exports in 2021.
The EFPIA said small biotech companies have already moved to the United States and China.
The Commission said its proposal would reduce new medicine approval times to 180 days from 400 days.
Germany, Belgium and France would be the hardest hit by the proposed rules, the EFPIA said citing research by Dolon that it commissioned.
Persons:
EFPIA, Lars Fruergaard Jorgensen, Jorgensen, Ozempic, " Jorgensen, Julia Payne, Lisa Shumaker
Organizations:
European Commission, European Federation of Pharmaceutical Industries, EU, Commission, Novo Nordisk, Thomson
Locations:
BRUSSELS, United States, China, Danish, Boston, U.S, Europe, EU, Germany, Belgium, France